What are the best ways to manage contract administration and documentation?

1 Define contract objectives and scope

Before entering into a contract with a contractor, you should clearly define the objectives and scope of the work, including the deliverables, timelines, costs, and quality standards. This will help you avoid ambiguity, confusion, and disputes later on, as well as align the expectations and responsibilities of both parties. You should also include the terms and conditions of the contract, such as the payment methods, penalties, warranties, and dispute resolution mechanisms.

2 Establish contract administration procedures

Once you have a contract in place, you should establish the procedures for contract administration, such as how to monitor, evaluate, and report on the contractor's performance, how to communicate and coordinate with the contractor and other stakeholders, how to handle changes and variations, and how to resolve issues and risks. You should also assign roles and responsibilities for contract administration, such as who will be the contract manager, who will be the contact person, and who will be the approver.

3 Use contract management software

One of the best ways to manage contract administration and documentation is to use contract management software, which is a tool that helps you store, organize, access, and update your contracts and documents in a centralized and secure platform. Contract management software can also help you automate tasks, such as generating invoices, sending reminders, tracking deadlines, and creating reports. Additionally, contract management software can help you improve collaboration, transparency, and compliance, as you can share and edit contracts and documents with authorized users, track changes and approvals, and enforce policies and standards.

5 Maintain contract records and archives

Finally, you should maintain the records and archives of your contracts and documents, such as the original contract, the amendments, the invoices, the receipts, the reports, the correspondence, and the evaluations. You should ensure that the records and archives are complete, accurate, and consistent, as well as compliant with the legal and regulatory requirements. You should also ensure that the records and archives are accessible and retrievable, as well as protected from unauthorized access, modification, or deletion.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?